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Hi, I'm Ravi Agrawal, Foreign Policy Magazine's editor-in-chief. This is FP Live.

Thank you. Foreign Policy Magazine's editor-in-chief. This is FP Live. Welcome to the show.

Today is the world de-globalizing.

It's no surprise that international trade is experiencing turbulence.

After the global financial crisis began in 2007,

a decades-old trend of increased globalization first decelerated and then started to reverse course.

Then COVID-19 struck in 2020, instantly snapping supply chains.

Countries and companies focused on what we began to call near-shoring or friend-shoring.

And you know what happens next?

Russia invaded Ukraine.

Geopolitics began to impact trade even more, add in a brewing cold war between the United States and China, as well as a wave of nationalism around the globe, and you can start

to see why the world seems to have embarked on a new era of industrial policy. What does that

mean? Well, from China to the U.S., to India, Europe, and beyond, major economies are embarking

on a spree of big infrastructure spending.

But they're also turning inward, favoring domestic expansion over free trade and the global

flow of goods.

...